MUMBAI: Ahmedabad-based Claris Lifesciences seems to be in preliminary talks with Japanese Pharma company Otsuka Pharma for selling its injectables business.

The valuation for the deal is likely to be in the range of $250 - $300 million. IDFC and Barclays are the bankers to the deal, a person close to the development told ET Now.

More than half of the revenues for Claris comes in from the injectables business and is the key contributor for growth for the company. The management of Claris Lifesciences did not respond to the queries of ET Now.

This news comes on the back of media reports a few weeks ago that Strides Arcolab was in discussion with Pfizer to sell its injectables business Agila.

Shares of Claris have rallied 165 per cent from the start of the year and are currently trading at their lifetime high.

At 11:15 am, the stock was at Rs 279.50, up 6.60 per cent on the BSE. It touched a new-high of Rs 287 in trade today. Around 3.26 lakh shares were traded in the counter today.